Users of Estonia-based exchange BitBay became suspicious of a security breach following the platform going offline for more than 18 hours.
On Mar. 26, BitBay published a tweet explaining it was dealing with a network problem related to its external service provider. Clients were asked to remain patient during the outage as the exchange worked to resolve the issue.
Dear Users, a network problem of our external service provider has occurred. 🙁 🙁 Please be patient. We are in touch with the provider and working to resolve the problem. We apologize for the inconvenience.
— BitBay (@BitBay) March 26, 2020
Users were quick to respond to the outage, with some speculating the exchange had suffered a security breach or was in danger of folding.
yes- exit scam confirmed
— DominikK (@Dominik26628) March 26, 2020
BitBay published an update four hours later, telling users the problem was “more complicated than we initially thought.” The exchange also floated the idea of launching the platform without access to transactions, giving users the opportunity to cancel previous offers.
Unfortunately, the problem turned out to be more complicated than we initially thought. We plan to launch the platform with the blocked possibility of transaction processing. You will have time to cancel or add offers. We will keep you updated on the situation. Thank you!
— BitBay (@BitBay) March 26, 2020
BitBay responded to the growing concern of customers by broadcasting a live stream via Facebook. The exchange wrote in the comments “all fiat and crypto funds are safe.”
At 2:56 AM UTC on Mar. 27 the exchange finally reported being back online, with trades resuming later in the morning.
We are online! 💪
Thank you for your patience and understanding. You are the best!
From now you can log in to account and cancel listed orders.
Trading on BitBay will be available again tomorrow at 9:00 am.
— BitBay (@BitBay) March 27, 2020
Featured Image Credit: Photo via Pixabay.com
